eBay Inc (NASDAQ:EBAY) is taking another shot at live auctions for art pieces and antiques, a report by Emily Chang on Bloomberg West reveals.
The live auctions will kick off Thursday on a special section of eBay Inc (NASDAQ:EBAY)’s site. Partners of the internet commerce company includes Sotheby’s and other organizations such as Doyle New York, Freeman’s, Garth’s Auctions and Swann Auction Galleries.
“EBay has started a new live auction site. Users can submit bids on items being sold at live auction houses including artwork and other collectibles. The partnership with Sotheby’s and other companies is aimed at improving eBay’s revenue,” Chang said in the report.
eBay Inc (NASDAQ:EBAY) announced back in July that it is partnering with Sotheby’s in which they revealed that the site will indeed be hosting live auctions again on a specialized section. The last time the electronic commerce giant hosted live auctions were five years ago.
“The growth of the art market, new generation technology and our shared strengths make this the right time for this exciting new online opportunity,” Sotheby’s chief operating officer Bruno Vinciguerra said then in a statement about the announcement.
The new live auctions will be found on ebay.com/collectibles-liveauctions. Swann Auction Galleries has the distinction of hosting the first transactions on this section on Thursday.
eBay Inc (NASDAQ:EBAY) recently announced that it will be spinning off its PayPal, Inc. division next year. The move by the company comes after pressure from activist investors like Carl Icahn who started nine months ago to be publicly vocal about his suggestion to spin off the electronic payment processing unit of the company into a separate publicly traded organization.
Carl Icahn’s Icahn Capital Lp reported about 30.8 million shares in eBay Inc (NASDAQ:EBAY) by the end of June.